The Labor Day holiday on Monday created an extended weekend and allowed the market to digest additional information. The result was a 20 cent weekend gain as the Arkansas 2012 cash soybean market surged to a Tuesday statewide average of $13.94. Weekend gain was short-lived as the market gave it all back and more on Wednesday before a weak recovery and stabilization through the remaining days of the trading week (Figure 1). Closing statewide average on Friday was $13.82, an 8 cent improvement over the previous Friday closing price. Seven markets continue to provide price quotes as new crop bean harvest moves closer. High individual market daily quote of the week was $14.25 at West Memphis on Tuesday. Low quote of the week was $13.21 at Augusta on Wednesday. Closing quotes on Friday across the seven reporting markets ranged from a low of $13.32 at Augusta to a high at West Memphis of $14.18. For the second straight week, West Memphis was the only state market to close above $14.00. These quotes put the market price range at 86 cents, a 7 cent expansion from the previous week spread.
New Crop Soybean Market trading matched the old crop market with a 20 cent gain over the extended holiday weekend and opened on Tuesday at a statewide average of $13.80. The New Crop market gave the gain back on Wednesday, falling 20 cents, before regaining 15 cents and then stabilizing through the remaining trading days. The market closed the week on Friday at $13.74 leaving it with a net 14 cent improvement from the previous Friday closing mark (Figure 2). High individual daily market average for the week was $14.18 at West Memphis on Friday, the only market closing the week above $14.00. The low daily market price of the period was reported on Wednesday with $13.21 at Augusta. Seven markets providing both old crop and new crop booking quotes have now converged in price, offering the same price for both crops. The last day of trading quotes across state markets found ending prices ranging from a $13.32 low at Augusta to the $14.18 high at West Memphis. These closing quotes left the statewide closing day price range at 86 cents, a 24 cent increase from the previous week.
(Market average prices stated in this report are unweighted averages of the state markets surveyed by NASS. Price data was based on USDA LR GR111 Arkansas Daily Grain Reports.)